In 2023, direct transfers on all fossil fuels for transportation in China were significantly noteworthy at $15.0 billion USD. Looking ahead to the forecasted data from 2024 to 2028, there is discernable declining trend where the value is projected to decrease annually by an average of approximately 2.9%. Notably, year-on-year variations show a decrease of 3.62% in 2025, 3.75% in 2026, 3.90% in 2027, and 4.00% in 2028. The Compound Annual Growth Rate (CAGR) over this period is estimated at -3.02%.
Future trends to watch for include:
- Policy shifts towards renewable energy and their impact on fossil fuel subsidies.
- Technology-driven advancements in electric vehicles potentially reducing reliance on fossil fuels.
- Changes in global oil prices influencing transfer amounts.
- Economic factors such as GDP growth and its effect on transportation sector demand.
